Private equity firm Cinven
Just two years ago, ICG invested in Jersey-based CPA, which looks after the intellectual property of anything from software to recipes for cereals, with customers operating in chemical engineering, pharmaceuticals, technology and telecoms.
Its deal for a significant minority stake of roughly 40 percent valued the business at 440 million pounds at the time.
ICG said the sale would generate total proceeds of 387 million pounds for it and would result in an additional 43 million pounds capital gain for the company.
Cinven had been up against rival private equity house BC Partners
Cinven's deal will see it take a majority stake in the business, buying a portion of the company from CPA's other private shareholders, one source said.
The firm will finance the deal with around 430 million pounds of debt split between 310 million pounds of senior term loans and 120 million pounds of mezzanine loans, provided by a group of banks including JP Morgan and HSBC. The total debt to EBITDA ratio is about 5.75 times.
The debt will be syndicated to other banks and investors in the coming weeks and will be denominated in dollars, euros and pounds.
ICG provides companies with mezzanine debt financing but also invests in minority equity stakes, high-yield bonds and leveraged loans, managing some 12 billion euros ($15.28 billion) of assets.
CPA was founded in 1969 in Jersey and now employs more than 1,500 staff. It has customers in more than 100 countries.
Investment firm ICG put the business up for sale at the end of last year, hoping to get around 700 million pounds, Reuters reported earlier this month.